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Your UCP: National July 30, 2003

Charitable Gifts & Planned Giving

Outright Gifts, and Wills and Bequests

UCP welcomes both Outright Gifts, and Wills and Bequests. Outright gifts would include gifts of securities, real estate or life insurance. In a Will or with a Bequest, individuals may choose to name UCP and/or one of its affiliates as a recipient of a bequest for either a specific amount or a percentage of a residual estate. Speak with your attorney or financial advisor to determine if one or more of the following types of planned gift options may be right for you.

Gifts by Will: A Will is the easiest and most effective means to ensure that you fully provide for your family and that your assets are distributed as you wish. Gifts by Will, or bequests, both large and small have been important to UCP since its founding. Many friends have remembered UCP in their Will while providing for their family. A bequest through your Will provides continuing support of the ongoing work of UCP.

A gift to UCP through your will has several advantages:

  • Charitable gifts made through your will are free of estate tax
  • A charitable bequest may place your estate in a lower estate tax bracket
  • You may specify that your bequest is used for general purposes of UCP, for a particular area of interest, or for a specific UCP affiliate.
To make a bequest to UCP, the following language may be helpful to your attorney:
    For General Purposes
    I give, devise and bequeath to UCP (a New York corporation) (here insert the amount of money or describe the personal property or real estate) to be used for the general purposes of said association.

    For a Specific Affiliate
    I give, devise and bequeath to UCP (a California corporation) (here insert the amount of money or describe the personal property or real estate) to be used preferably for the general purposes of the (here insert name) Affiliate of said association.

Charitable Gift Annuity: In exchange for an irrevocable gift, UCP agrees to pay a fixed dollar amount during the donor's life and/or the life of a designated loved one. The amount received is determined by the size of the gift, the age of the donor, and the age of any other beneficiary. The income is guaranteed and not subject to market fluctuation.

Pooled Income Fund: A person makes a gift of money or securities. In return, the donor receives income on this amount for the rest of his/her life. The gift is "pooled" with other gifts and invested, and the door receives a proportionate share of the income. A pooled income fund gift provides several financial and estate planning benefits:

  • You retain income for life.
  • Pay no taxes on capital gains when contributing appreciated securities.
  • You remove all or most of the assets donated from you estate, thereby reducing potential estate taxes.
  • Eventually, your gift will benefit UCP.

Charitable Remainder Unitrust: This is similar to a combination of a gift and an investment plan. A person gives cash, securities, or other property in return for a negotiable percentage of income based on market value of the gift. This plan avoids capital gains on appreciated property and provides and income tax deduction in the year of the gift. Benefits include:

  • Lifetime income (often greater than your previous yield)
  • A sizable income tax charitable decution
  • No capital gains tax if you donate appreciated securities
  • Professional management of the assets frees youfrom investment worries

Charitable Remainder Annuity Trust: A person gives cash, securities, or other property in return for a fixed dollar amount of income that he/she will receive annually for life. This plan avoids capital gains on appreciated property, and provides an income tax deduction in the year of the gift.

Recovable Trust: This is often referred to as the gift that can be taken back. Not everyone is financially or emotionally ready to irrevocably assign assets to a trust, but in the case of the revocable trust, it can be taken back. This agreement can provide for income to the donor and his/her spouse for life with the remainder going to UCP at the death of the donor. It is most flexible, can be funded with a variety of assets, and is a private document like other trusts.

Gifts of Insurance: Gifts of insurance are straightforward. The UCP is named owner and/or beneficiary if an existing policy is no longer needed. It is an opportunity to make a contribution more substantial than might otherwise be possible.

Gifts of Retirement Plans: Did you know that your retirement plan assets are facing double taxation? If you leave the assets to your heirs, you'll generate "income in respect of a decendent." So not only is the amount deminished by estate taxes, but the recipient also must pay income taxes on it! If you can make other provisions for your family, there's a better option for your retirement plan assets -- a charitable gift. To implement your wishes, simply advise the plan administrator of your decision and sign whatever form is required. For an IRA or Keogh plan you administer personally, notify the custodian in writing, and keep a copy with your valuable papers. Benefits include:

  • Naming us the primary beneficiary avoids all income and estate taxes
  • Partial savings when you give us a specific amount before giving family the remainder
  • Naming us the contingent beneficiary allows for greater flexibility
  • Donating retirement plan assets could be the most cost-effective gift you can make

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